Canadian economy adds 55,900 net jobs in February

Canadian economy adds 55,900 net jobs in February

Windsor's jobless rate remained at 5.2 per cent in February, unchanged from January according to Statistics Canada's Labour Force Survey for February. The labour force participation rate rose 0.2p.p.to 65.8%. "Our investments in infrastructure and services will generate tens of thousands of good jobs". One year ago at this time, the region has a 6.9 per cent unemployment rate.

The gain was largely due to the service sectors (+46.2k), with notable strength in professional services (+18.3k) and retail/wholesale trade (+12.1k).

Employment in natural resources grew by 8,000 Canada-wide in the past month, while public administration positions saw an additional 14,000 spots filled in February.

Year-over-year average hourly wage growth in February for permanent employees was 2.3 per cent, up from January's reading of 1.8 per cent.

One weakness was total hours worked, which fell 0.1 percent in February from a year earlier.

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The much-stronger-than-expected labor market is the only thing giving policy makers comfort amid a run of bleak data in recent months. The year-on-year rate of gains was a strong 2 percent in February.

Labour markets didn't get the memo.

"But today's data will still have markets questioning the conviction with which a rate cut was being priced in heading into the release".

The addition last month of 67,400 full-time jobs more than offset a loss of 11,600 part-time positions, the data showed.

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. This is something to watch, particularly given the implications for economic output. Money markets were pricing in less than a 15 percent chance of an interest rate cut this year by the Bank of Canada, down from almost 40 percent before the data. Reinforced by both the weak end to 2018 and Bank communication this week, solid job trends over the previous year have not been translating into consumer spending. Until this disconnect is eliminated, and convincingly so, expect little from Governor Poloz and company.

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